Tepco sells head office bldg for 25 billion Yen
On September 27, Tepco announced that they had sold the Toshin Building in Shinbashi, Minato-ku, for 25 billion Yen (320 million USD).
The sale contract was signed on the 27th with a closing date scheduled for March 2013. The buyer has not been disclosed.Read more
Tokyo Office Vacancy Rates for August
According to Miki Shoji, the commercial vacancy rates in Tokyo's central 5 wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) in August dropped 0.13 points from the previous month to 9.17%. The vacancy rate on brand new buildings dropped 3.48 points to 30.16%.
In Shinjuku-ku, the vacancy rate dropped 1.05 points to 10.85%, as large foreign financial corporations began to consolidate their various offices into one space. In Minato-ku, the rate increased by 0.48% to 10.10%. This was partly due to the completion of Ark Hills Sengokuyama Mori Tower. The 47 storey tower has a total floorspace of 43,423 tsubo (143,296 sqm).Read more
Thai property developer buys Hokkaido ski resort
Thai property developer Property Perfect has invested 770 million baht (approximately 1.9 billion Yen, or 24 million USD) in the takeover of the relatively unknown Kiroro Ski Resort, 43km west of Sapporo, from Mitsui Real Estate.Read more
Ark Hills Sengokuyama Mori Tower reaches completion
Construction of Ark Hills Sengokuyama Mori Tower, a combined residential and office tower in the Roppongi/Toranomon area, was completed on August 7.
The two hectare site has a 47-storey mixed residential and office tower, along with 8-storey low-rise apartments. The development took a total of 24 years, when including the long process of negotiating with local residents.
In the high-rise tower, offices are located on floors 25 to 47, while residences are on floors 3 to 24. Currently, 55% of the commercial tenants have been confirmed. They are predominantly foreign law offices and IT companies.Read more
Foreign investors return to Japan's property market
According to the Mainichi Shimbun, Foreign investors and foreign capital investment corporations are showing enthusiasm for Japan's real estate market. European and American property and investment companies are continuing to purchase residential and commercial buildings, while a major US bank has set forth on establishing a REIT in Japan.
The background to this renewed vigor is the outflow of funds in Europe due to the European debt crisis, and a general feeling that the real estate market in Japan has bottomed out. Experts are anticipating that the long-stagnating real estate market is finally reaching a turning point.Read more